Internal Probe Reveals Ex-Contractor Behind $14.4 Million Holograph Hack
Holograph, a blockchain tokenization platform, announced on July 2 the successful completion of the post-mortem report for the security breach that occurred on June 13.
Holograph disclosed that the internal investigation found a former disgruntled contractor responsible for hacking the platform. In collaboration with Halborn Security, the detailed report provides a comprehensive overview of the incident and the measures taken to prevent future occurrences.
On June 13, the hacker exploited Hologram, minted 1 billion HLG tokens, and absconded with the tokens worth approximately $14.4 million. Holograph’s team swiftly responded, posting on social media platform X,
The Holograph Operator contract has been exploited by a malicious actor, enabling the hacker to mint 1 billion additional HLG
The team has patched the initial exploit & is working with exchange partners to lock the malicious accounts
The team has launched an investigation & is…
— Holograph (@holographxyz) June 13, 2024
According to data from Etherscan , the exploiters began draining the tokens on June 13 at 9:47 am UTC through nine transactions. On-chain data revealed that the ENS wallet acc01ade.eth was involved in the hack. Additionally, evidence from GitHub suggests that the attackers were contributors to the protocol, having made 113 contributions to Holograph last year.
Minutes after the breach, Holograph Protocol’s native token, HLG, saw its price drop dramatically. Data from CoinGecko showed the token’s value falling from $0.014 to a low of $0.0029, a 79.4% decrease.
Although HLG recovered slightly to $0.008 before an unsustained recovery to $0.0049, it is currently trading at $0.002887. Additionally, Etherscan showed that the exploiter converted the
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